Premier Investments Ltd

PMV: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$23.40	Bgyqq	Hbycypvxxj

Premier Investments: Sales Slowdown Less Than Feared, but Cyclical Slowdown Likely To Drag On

Johannes Faul

Aug 21, 2023

We increase our fair value estimate for no-moat Premier Investments by 3% to AUD 19.50 per share. The discretionary retailer’s fiscal 2023 earnings guidance was materially ahead of our prior expectations, with stronger retailing sales and EBIT margins in its second half. Fiscal 2023 underlying operating earnings from retailing beat our estimate by 24%, but our investment thesis stands.

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